Bigblu Broadband (BBB)

Sector:

IT Services

Index:

FTSE AIM All-Share

 34.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 45.00p
  • 52 Week Low: 29.00p
  • Currency: UK Pounds
  • Shares Issued: 58.55m
  • Volume: 24,851
  • Market Cap: £19.91m

Bigblu Broadband boss resigns after buying Norwegian assets from company

By Benjamin Chiou

Date: Monday 20 May 2024

LONDON (ShareCast) - (Sharecast News) - Bigblu Broadband's share price dropped sharply on Monday after the rural broadband provider reported a drop in annual revenues and announced the immediate exit of its founder and chief executive officer as it offloaded its Norwegian operations.
As the company doubles down on its Australian operations, it is selling its Norwegian assets for £1.3m to the regional management team, which includes boss Andrew Walwyn - though the equity value will be nominal after the buyers assume certain existing net working capital creditors and contingent liabilities.

Walwyn resigned immediately to prevent any conflicts of interest, though he remains a major shareholders of BBB, having founded the business in 2008. He will be succeeded by chief financial officer Frank Waters.

"The disposal is in line with BBB's strategy of divesting of its assets and reducing risk attached to the potential future cash flows of the group," the company said.

The news came as BBB reported total revenues of £30.1m for the year ended 30 November 2023, down from £31.2m. Excluding the Norwegian operations, revenues would have been £25.9m down from £27.2m the year before.

Adjusted EBITDA for the continuing operations was £4.5m, up from £4.1m previously, which the company said was helped by "cost initiatives".

Shares were down nearly 10% at 38p by 1148 BST.

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BBB Market Data

Currency UK Pounds
Share Price 34.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 45.00p
52 Week Low 29.00p
Volume 24,851
Shares Issued 58.55m
Market Cap £19.91m

BBB Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
33.73% above the market average33.73% above the market average33.73% above the market average33.73% above the market average33.73% above the market average
83.13% above the sector average83.13% above the sector average83.13% above the sector average83.13% above the sector average83.13% above the sector average
Price Trend
61.88% below the market average61.88% below the market average61.88% below the market average61.88% below the market average61.88% below the market average
71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average
Income Not Available
Growth
14.58% above the market average14.58% above the market average14.58% above the market average14.58% above the market average14.58% above the market average
6.02% above the sector average6.02% above the sector average6.02% above the sector average6.02% above the sector average6.02% above the sector average

BBB Dividends

  Latest Previous
  Special Final
Ex-Div 01-Oct-21 n/a
Paid 20-Oct-21 n/a
Amount 45.00p 0.000p

Trades for 22-Jul-2024

Time Volume / Share Price
14:07 4,380 @ 34.25p
12:09 12,048 @ 33.00p
12:01 6,014 @ 33.17p
11:55 2,381 @ 33.17p
11:00 28 @ 34.90p

BBB Key Personnel

CEO Francis (Frank) Vincent Waters

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